Financial Information
Do debt consolidation companies pay off credit cards that are already in the hands of a law firm/collector?
Question : Do debt consolidation companies pay off credit cards that are already in the hands of a law firm/collector?
Chase filed a law suit against my husband for a delinquent credit card. He never had to go to court but they (the law firm) wanted $ 300/mt until the card was paid off. We’re still paying on it and it’s a huge budget buster! We only have a few other outstanding/low amount bills. I was wondering if debt consolidation companies would consolidate this Chase bill as well so we can get these people out of our lives!
debt consolidation companies
Best answer:
Answer by blcohen529
You do not necessarily need a debt consolidation company to make deals with creditors. Contact Chase with a reasonable offer.
Tell them if they and a few others do not make respond favorably, you will file bankruptcy (threat not to carry out).
The truth is: no.
You have 2 options: First, a loan (either a personal loan or refinance a mortgage if you are a home-owner) and you will not qualify based on credit in your situation.
Second, a debt resolution program like credit counseling or debt settlement. Neither would be ideal since you don’t have a lump sum contribution to settle and the account is already in a stipulated judgment status.
You are best off just calling the law firm and negotiating for a one time settlement directly with them. Assume it will be somewhere between 80%-100% of what you owe.